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On Thursday, the main 2107 contract of Shanghai copper rebounded, with the highest 74070 yuan / ton and the lowest 72310 yuan / ton within the day, and the closing price of 73690 yuan / ton, down 0.
86% from the previous trading day's closing price; LME copper recovered slightly, as of 15:00 Beijing time, the three-month London copper was reported at $10,135 / ton, up 0.
61%
per day.
Market Focus: (1) The minutes of the Fed's April meeting showed that several officials believed it would be appropriate
to start discussing tapering at the upcoming meeting "sometime" if the economy continues to grow rapidly.
(2) The executive meeting of the State Council will make arrangements for ensuring the supply and price of bulk commodities and maintaining the stable operation
of the economy.
The meeting pointed out that great attention should be paid to the adverse impact
of rising commodity prices.
(3) WBMS reported that the global copper market had an oversupply of 2,200 tons from January to March, and a shortage of 954,000 tons in 2020
.
Spot analysis: On May 20, spot 1# electrolytic copper was quoted at 72150-72800 yuan / ton, with an average price of 72475 yuan / ton, down 2385 yuan / ton
per day.
The circulation supply is tight, the downstream bargain procurement, the overall transaction is acceptable
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 168,540 tons on Thursday, a daily decrease of 2,433 tons; On May 19, LME copper stocks were 117075 tonnes, down 1,950 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract were 75087 lots, a daily increase of 4059 lots, short positions were 74272 lots, a daily increase of 2171 lots, a net long position of 815 lots, a daily increase of 1888 lots, long and short increases, and net space increased
.
Market research and judgment: Shanghai copper 2107 rebounded
on May 20.
Upstream copper processing fees TC have stabilized, and BHP Billiton and Glencore have proposed expansion plans, and copper supply is expected to gradually improve
.
At the same time, the rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and the output of refined copper remained stable; Downstream domestic demand is still weak, the operating rate of copper companies has declined year-on-year, domestic inventories have continued to grow, and copper prices are under pressure
.
Technically, the mainstream long position of the Shanghai copper 2107 contract increased significantly, and the daily MACD high dead cross, it is expected that the short-term width adjustment
.
